Please guide me on how to read and prepare for this
Head of Income - "Profits and Gains from Business or Profession", (Especially Section 32 & 43 ).
What are the things to be kept in mind while studying this head.
Thank you.
Savita (CA Final) (141 Points)
28 August 2010Please guide me on how to read and prepare for this
Head of Income - "Profits and Gains from Business or Profession", (Especially Section 32 & 43 ).
What are the things to be kept in mind while studying this head.
Thank you.
Ashish M
(Chartered Accountant)
(2731 Points)
Replied 28 August 2010
Hey! before starting the topic, just first try to map out what sections u r going to do in it. scan through them in the order of relevance.
Like in Sec. 32, what u r going to do in this section is actually;
SEc.32(1): Main depreciation section.
Explanation -1 to SEc.32 : Deemed building.
Explanation -5 to Sec.32 : Mandatory claim of dep.
2nd proviso to sec.32 : 50% dep. provision in case of 182 days.
5th proviso to sec.32 ; proportional dep. in case of amalgamation/demerger.
Sec.32(1)(iia) : Additional dep. of 20% in first year.
Sec.32(2) : Unabsorbed depreciation to be carry forward for infinite period.
This way u can first chart it out like a roadmap we do...... this way u will be able to compile the whole topic.
like wise u can do the same in Sec.43. Just by writing down the various explanations given in them. though I think in IPCC level, such detailed preparation is not needed......
CAclubindia
